Top Things You Need to Know About Bitcoin

Things to Know About Bitcoin

There is a lot of knowledge to know about online currency, but these 10 basic knowledge about Bitcoin that you need to know may be a good start.

Unless you avoid using the internet altogether (if you are on this site, you obviously wouldn’t do it), then you may have heard of Bitcoin. We even wrote about it before.

With all the hype surrounding Bitcoin, we think you should also know some other important information. Here are the   most interesting facts you need to know about Bitcoin:

  1. It’s not entirely anonymous

Trying to fully explain why Bitcoin is not anonymous will be forever, and even we will not understand Bitcoin like hackers and other tech fans.

Bitcoin is not completely anonymous.

Hackers and government agencies have the ability to track almost everything, including Bitcoin. If someone can connect multiple nodes to the Bitcoin network, the combined data collected from these different nodes may be sufficient to determine the origin of the transaction.

For a more complete explanation of Bitcoin’s anonymity, check out this article .

  1. Bitcoin is perceived differently in different countries

Generally, Bitcoin is not regulated by national governments, which is part of the reason why it is so popular. But the laws governing Bitcoin range from recognizing its legal tender to “dissuasing” the government.

For example, Australia and Japan treat Bitcoin like any other form of currency. Although Jordan and Lebanon issued official statements saying that they do not support the use of Bitcoin. However, this does not prevent citizens of these countries from using Bitcoin.

  1. Limited quantity

When Bitcoin was founded, its creator (see Article 6 below) only received a limited amount of income. To be exact, 21 million. There are currently more than 16 million in circulation, but more are mined every day.

  1. This is not the only cyber currency

Despite the fact that Bitcoin has been widely reported by the media, it is not the only online currency that exists.

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For example, Ethereum is the second most well-known cryptocurrency. Like Bitcoin, the limited supply (16 million) was created in 2014.

However, unlike Bitcoin, it exists in its own network-the Ethereum network. It is more used for gambling and investment than daily shopping.

  1. Bitcoin is more popular than you think

At the time of publication, the value of one Bitcoin was far more than $10,000. This price will make anyone want to invest in Bitcoin-people have begun to invest more and more. Even governments like China are trying to break into the Bitcoin world. China has recently tried to suppress its citizens from buying and selling Bitcoin by closing exchanges, but this will only make them more popular.

Bitcoin is called the “new gold”. Consider the gold rush and as much mining activity as possible in the country. This is Bitcoin now.

  1. Nobody knows who created Bitcoin

There are many conspiracy theories about the people who created Bitcoin, but no one has come to a reasonable conclusion. The creator (probably a Japanese) published an article explaining Bitcoin under the pseudonym Satoshi Nakamoto before mining started.

In the United States, a common conspiracy is that Bitcoin was created and operated by the National Security Agency (NSA). However, if this is true, it will definitely reduce the anonymity of Bitcoin and make some powerful conspiracy theorists reluctant to use it.

There are also rumors in the Bitcoin world that Nick Szabo, an American computer scientist and cryptographer, was the inventor of Bitcoin. He is an excellent commentator on Bitcoin and blockchain technology. Although he has repeatedly denied that he is Satoshi Nakamoto, there is still speculation that he helped create Bitcoin.

  1. It is not only used on the black marke

Yes, due to relative anonymity, Bitcoin is often used on the black market, but at least in the United States, there are many places where Bitcoin transactions are allowed.

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Microsoft, Dell, REEDS Jewelers, Expedia, and are just some of the places that accept Bitcoin as a legal payment. With the popularity of Bitcoin, more and more places may allow Bitcoin to be used.

  1. The FBI owns one of the largest Bitcoin wallets

A few years ago, the FBI closed a major black market Silk Road. Like any black market, Bitcoin is usually used for purchases. This means that the FBI inadvertently obtained all the bitcoins circulating on the spot.

As of October, the FBI owns 1.5% of global bitcoin. Overall, this doesn’t sound like much, but when you consider that few people in the world own a large amount of Bitcoin (1.5%), this is a huge amount that an organization can own.

  1. You can buy futures with bitcoins

Currency traders make money for themselves and their clients by using leverage and other derivatives (now available for cryptocurrency) to buy futures. Sites like Bitmex and Deribit (not suitable for beginners) clearly indicate the level of development of cryptocurrencies and the new technologies that are now available to investors. 

  1. No anonymity

Bitcoin is called the black market currency: it is not linked to a bank account, and the authorities cannot obtain information. But the blockchain is the public ledger for every transaction in the system.

Any user can check the attribution and attribution of each bitcoin at any time. The information is anonymous: it is clear that Bitcoin is associated with a particular wallet, but it is not known who it is-until Bitcoin is converted into currency. Then everything is transparent. Bitcoin seems to have no anonymity.

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